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20121202
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CNBC 37
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CNBC
Dec 7, 2012 7:00pm EST
. federal law signed into law by president clinton in 1996. it says if a person is legally married in a state, the federal government can't recognize those marriages. that's where you talked about federal benefits heterosexual couples get and same sex couples do not. the prop 8 thing is bigger. while potentially it's confined to the state of california only, the question it out there having given the right to gay marriage could the state then take it away through proposition 8 passed by a majority of the vote nurse 2008. having taken that case, the court could get to the bedrock issue. can any state refuse to let same sex couples get married under the federal constitution. it could potentially be narrow or very far. >> pete, as i understand it, let me ask you. this one of these things, maybe the driving one, is defense of marriage act was about paying the estate act. where one of the two people said she didn't have to pay the estate tax because a married couple wouldn't have to. >> reporter: this is a case from new york. a woman named edie windsor who married her partner in canada.
CNBC
Dec 2, 2012 11:00pm EST
of internet gambling, which is against the law, yet is thriving in this country. but first, my report about one of the biggest scandals in the history of online gambling. a small group of people managed to cheat players out of more than $20 million, and it would have gone undetected if it hadn't been for the players themselves, who used the internet to root out the corruption. as a joint investigation by 60 minutes and the washington post revealed in 2008, it raises new questions about the integrity and security of the shadowy and highly profitable business that operates outside u.s. law. >> moneymaker puts his name amongst the greatest players in the game! >> if you had to pick the moment that the poker boom began, it was probably the day an unknown accountant named chris moneymaker won $2.5 million at the 2003 world series of poker. suddenly, every amateur with a hat, sunglasses, and a stack of chips saw themselves as the next big moneymaker. nearly 7,000 people competed in this year's tournament for $180 million in prize money, but the fever has spread far beyond las vegas. it is the ric
CNBC
Dec 7, 2012 2:00pm EST
where his bread is buttered category, i want to wish a happy birthday week to my father-in-law jim la marka on long island. he and his buddies at dunkin' donuts watch us every day. >> thank them for that and happy birthday. "street signs" begins right now. >>> jobs number coming in better than expected but why were we expecting so little? we asked why we're creating even more jobs but yet they're lower pay? we'll also talk about what your paycheck may finally start to rise above. >>> speaking of moving higher, can pot solve some of our financial woes? the fiscal spliff will spark a debate ahead. >>> guess whose portfolio is up 160% in ten years. he'll bring some his top picks. >>> if had to buy one -- apple, google or microsoft, which would it be? we put it to the test. >>> hello. our early jobs inspired pop in the markets has just been buried under that weak consumer confidence. of course the lack of fiscal deal. we want some progress on that front. the dow is nonetheless on pace for its third straight weekly ga gain, the first time in four months. >>> straight down to the floor of t
CNBC
Dec 3, 2012 7:00pm EST
conservatives quit the deportation law and order harshness. then i think having put that aside, having shown there's some compassion i think you can go back to that group, george w. bush got 40%, jeb bush got close to 50%, governor perry gets a high amount. it can to be done, star. >> i'm not saying it can't to be done but you can't say that even under george bush the policy was very different within the republican party when it looked at immigration in shutting the borders. has it intensified? yes. i'm from california. i understand what you're talking about. this is v-very difficult rhetoric that's been put against this particular people. but that's not the only question when we're talking about the latino community. >> star parker, thank you. i want to talk to you some more. we'll go back to the fiscal cliff. if high end tax rates are successful entrepreneurs rocket higher, you can bet the number of millionaires in this country is going south. that's if high taxes go up. millionaires go down. that's no good. in our land of opportunity, i want more millionaires. and i think the better for t
CNBC
Dec 6, 2012 7:00pm EST
in egypt. but it just seems to me that morsi is turning out to be a radical. he wants sharia law to replace the secular state. he is not in favor of personal freedoms. he is not going to have a constitution that favors the kind of freedoms we thought they were going to go for. morsi's going to be a bad guy, is he not, marc? we'll have to contend with somebody -- >> larry, are you surprised? are you shocked? should anyone be shocked that the muslim brotherhood is after almost 60 years of waiting in the wings trying to finally seize power, trying to use the leverage of power, has bought off the army by candy-coating constitutional provisions to create a military state within a state? i'm not surprised at all. >> if he loses the referendum -- he's got a referendum. he says he's going to allow the referendum on december 15th. if he loses that referendum which ain't all that great for the constitution, but if he loses it, do you think he'll overturn it and just hold on to power as a dictator? >> i don't think in the end he's going to lose it because in the end, the muslim brotherhood has the gro
CNBC
Dec 7, 2012 9:00am EST
? whirlpool ceo is here. >>> washington state's new marijuana legalization law took effect late yesterday. will the federal government seek to block the new law? we'll answer that. >>> let's get breaking news here. hedge fund john paulson hedge fund manager having another tough year. official numbers for the month of november. >> so november proved to be another difficult month for john paulson. his advantage fund which employees strategies from each of his individual strategies was down about 3.6% making it down more than 17% year-to-date through the month of november. that means his advantage plus fund which is a more levered version of that is likely now down more than 20% year-to-date through november. also his gold fund, a very difficult november down about 9.5% in gold, which leave it is down close to 30% year-to-date again through november. this is a very disappointing performance on an absolute basis but also on a relative basis. if you look at hrfx which is a hedge fund put together, it's flat and up about .4% year-to-date. certainly not screaming good performance but certainly b
CNBC
Dec 4, 2012 7:00pm EST
, welcome back. under the taft-hartley law. president obama can step into end this strike. is there any sense at all that he will do it? >> well, it has become a rare opportunity for the president to intervene in strikes. we are at a near record low for the number of work stopages in this country. we have seen five labor movements and trying to shut down the airlines on the thanksgiving break. it is clear that the unions feel that they have the wind at their back. >> well, the old taft heaartley law spawned the national labor relations board. that is something that, i come back to this again, have the business people involved. they are cutting off the supplies and the economy down there. california is one of the worst economic basket cases in the state. has any one appealed to the state or the board to put a taft hearty injunction in place? >> is it in the buzz? >> there is a buzz about it. the retail federation has asked him to intervene. when did they ask him? when did they ask the president to intervene do you have a sense of what the timing was? is. >> there was a process that invol
CNBC
Dec 4, 2012 6:00pm EST
to put it in an amusing way, it is the need to get out of your mother in law's house. pretty intuitive concept when you think about it. we have a break here. because the market is so darn tough. and that could be your chance for the analysts. here is the bottom line. we need hope to be van switkwis. he so that it is so negative. have them leave the room. and we can return to the growth themes and they are autos and homes. by them on the way down and never on the way down as the scared sellers buy them out. you can take your time. who the heck knows when and from what level you can get back in. why don't we go to tom in new york. >> big lots and slower same store sales and make it a buy. it had it's gob and i don't want you to come in now. i think that big lots is not a great operator. the market needs to free itself from the notion that there will be a deal. that is what needs to happen. take your time. this hope is still not dashed enough to make this market immune from more disappointment. "mad money" will be right back. shop until you drop? the holiday shopping season is in full swi
CNBC
Dec 4, 2012 11:00pm EST
out of your mother-in-law's house. get your own home. intuitive concept for those, when you think about it. we got to break here as toll brothers actually down on the news today because the market's so darn tough. i expect downgrades tomorrow from people who don't believe things can stay this strong and that could be your strong to be analysts who always downgrade ar the report. here's the bottom line. we need hope to be vanquished. we need it spindled, mutilated. chex out the holders, thinking it's imminent and leave the room and then return to what i've been tracing and huge cycles of pent-up demand. buy them on the way down. never on the way up. you can take your time. do not leave this market wholesale. who the heck knows when and from what level you can get back in. why don't we go to tom in new york. tom? >> caller: hi, jim. could this offset same-store sales and make it a buy? >> i think it moved already. one of those stocks that moves in gigantic gobs, to speak and had its gob and i don't want you to come in now. not a great operator. one of thebounces up and down, it's no
CNBC
Dec 6, 2012 12:00pm EST
for the production of crude in the united states and higher next year. >> and a pop for pot, the new marijuana laws take effect today, the law hashed out last month, get it, ha, ha, says it's no longer illegal to possess up to an ounce of cannabis, although the law forbids smoking in public crowds gathered at the space needle to toke up this morning. the phrase the dude abides take it inside is floating around the web. haven't heard that one. >> i don't know what that means. >>> coming up on "halftime" is washington prepared to take us over the cliff? we're live to lay out the odds of a deal actually getting done and it's hard to sell the winners and buy the losers. our traders tell you exactly how to play two stocks hitting new highs and new lows. "hold 'em or fold 'em" coming up next. tdd#: 1-800-345-2550 let's talk about low-cost investing. tdd#: 1-800-345-2550 at schwab, we're committed to offering you tdd#: 1-800-345-2550 low-cost investment options-- tdd#: 1-800-345-2550 like our exchange traded funds, or etfs tdd#: 1-800-345-2550 which now have the lowest tdd#: 1-800-345-2550 operating expen
CNBC
Dec 3, 2012 4:00am EST
that parliament at both houses need to approve any law to revise the boj law. but it would at apply pressure to take worldbolder steps to pr any revision to the law. >> could they just change the mandate? >> they could, but it's probably unlikely that the mandate will be changed. focusing on price stability. some politicians want the mandate to be changed so that job growth is added among their policy objectives. that's unlikely. but the government might ask the boj to set their inflation target at a higher rate than the current 1%, most likely 2%. >> why is a change of mandate unlikely? they're unhappy with what the bank of japan is doing and you're a democratically elected government, what's wrong with changing the mandate and get on with it? >> i think what's happening in japan is that inflation is there for so long, that changing any mandate dramatically without having the clear means to achieve it would just undermine the credibility of central bank as well as politicians and their policy making. so i think politicians are very much aware of that, so while they do apply stronger pressur
CNBC
Dec 7, 2012 5:00pm EST
to miss earnings. the law of large numbers has just kicked in here and i think investors are going to have to get used to a 10% goer. >> the question is it now priced accordingly or is there more down side because it should anticipate earnings growth? >> i think what you are seeing is selling pressure. i don't know that it is unreasonably priced based on fundamentals here. what is amazing is the volatility. you wouldn't expect to see it moving alt a 40% volatility. it is really elevated the options premium. i look at the stock and think where this stock is concerned i would not use options to make options bet long. >> using short option positions to take a directional bet. you have to define a risk because mike is absolutely right. this thing has really fought around. on wednesday it lost more market cap than 420 of the names in the s&p 500. it really had a run here to the down side. i don't think the down side run is broken here. i think it is still pretty ugly and the momentum is to the down side. i think the major reason is margin compression particularly in tablets. if apple has more c
CNBC
Dec 6, 2012 6:00am EST
making more than 250 anyway because of the health care law. so the idea that somehow they will get a freebie is just crazy. >> california at 52%, new york and other places -- >> when you add up all the state and local taxes. hawaii is above 50, as well. >> hawaii is worth it, though. >> california is not bad either. >> unless you need to drive somewhere. right? and don't have a helicopter. >> there's a reason the president takes a helicopter anywhere. you can't drive in d.c. sdl those a >> boston in the city can get like that. last night i was thinking in my mother was still alive, cincinnati versus here, she would see like ten cars an and go oh, i can't believe people -- if she had seen the line of buss that basically was a wall of about 60 buses, they get precedence to go in, and then like 16 other lanes getting down to one to go into the tunnel, and you're just sitting there, like no within in the world does this. >> i got stuck in a broken down truck in the holland tunnel last night. it's amazing how fast they get that truck up and out. >> they better because there are fumes an
CNBC
Dec 4, 2012 4:00am EST
supporice support. >> all right. thanks for that, peter. swiss government has vetoed a proposed new law to increase transparency at commodity traders on the grounds that legislation would prove too string again. carolyn is in zurich. not often you hear regulators saying new rules would be too stringent, but here we go. so why? >> yeah, you have to ask why would the swiss cabinet rule against this motion whiches for terse more transparency. this is also in part a law which would force trading houses to declare the payments that they make to the resource rich countries. so why would they veto against it? you have to understand, and i'm not trying to justify anything here, the commodity trading business is a huge contributor to tax revenues here. 20 billion swiss francs is year is what we're talking about. takes very secretive have i. you have big trading houses and they want low taxes and political stability and i'm sure there's a huge lobby really lobbying for this law not to be passed. but really this is at odds with other legislation which is now being pushed forth bri the u.s. and eu
CNBC
Dec 5, 2012 4:00am EST
to be cleared by both houses of parliament before it becomes the law of the land. as of now, all our political sources seem to indicate that the government is safe when it comes to the numbers in the lower house of parliament, but it's looking uncertain and shaky when it comes to the register but for the upper house of parliament. most political parties who are in opposition have stridently opposed retail saying it will kill the small retailer in india, it's going to be aunt consum -- anti-consumer, the government feels it will actually create jobs, will bring in technology, will create infrastructure in the supply chain so currently a debate of we are expecting the lower parts of parliament to take a vote on this matter about 7:00 p.m. india time. it seems like it will go through the low herb house, but the big question mark is on the upper house of parliament and that is where the arithmetic doesn't seem to be working in favor of government. foreign investors are going to be watching this very closely because if this is turned back, if there is a u-turn on this poll circumstance it means tha
CNBC
Dec 3, 2012 12:00pm EST
's an issue. in fact, we don't think it's possible the dividend taxes won't rise the amount that's in the law. right? so if you look last week, for example, utilities were the best p performing sector in the market, up 3.35% last week. i think you can get a relief rally if they do change the law. and more over all the the other things that are compelling about them, whether low payout ratios or compelling yield versus the bond market or in fact the most cynical but appropriate reason could be management teams are paying themselves more and more in restricted stock units than options and that is probably for better dividend growth. >> adam, great to have you on the show. welcome you back sometime soon i hope. >> have a great week. >> adam parker from morgan stanley. let's talk among ourselves for a second. he puts out this provocative piece of research. a small number of stocks have driven the overwhelming amount of earnings growth. >> scott, 88% of all the earnings growth in 2012, according to their research, comes from ten stocks. of those ten, about half of them are credible currently or p
CNBC
Dec 4, 2012 4:00pm EST
we turn around, they want something done. they pass a tax law. they get people to invest in it. then they turn around and blame you for taking advantage of the tax law. they call it incentives. then they call it loopholes. i think we have to get the government out of that part of the business. that tax code has to be changed. >> you've got to pay your fair share. >> everybody should pay their fair share. >> allstate is reducing its exposure to muni debt. why? is this a reaction to the fiscal cliff? >> well, we started reducing our municipal debt a couple years ago when the recession was on and state governments were having a hard time. we just had too much. we had about $26 billion. now we're down to 13. i feel good at where we're at. we reduced it for four reasons. if you're loaning somebody money, right, you want to make sure they got income to pay you. you want to make sure they got decent balance sheet. you got to like the management team. you got to like governance. in many of these states, we didn't like all four of them. we thought they didn't have any money, weren't gen
CNBC
Dec 3, 2012 1:00pm EST
a tax cut vote, tyler, because the current law has those rates going up to 39.6%. so that may be an argument for going over the cliff for a few days, then solving it after that. >> that is what i've increasingly been hearing. if you wait until you go over the cliff, then the republicans can legitimately say we're voting to lower rates from those rates that the president allowed us to experience. let's talk about the president who is going to take to social media this afternoon to talk about the fiscal cliff. what's he going to do? >> reporter: i think he's just going to engage with the american public. remember, a key element of the strategy that he's had ever since september of 2011 when the grand bargain talks broke out -- broke down and post-election he's made clear this is going to remain an element of his strategy, is campaigning with the public. he made that trip to pennsylvania last week. he's trying to use the public, which polls show agrees with him on some of the key questions like top rate, to put pressure on the congress to move. we'll see how effective that can be
CNBC
Dec 6, 2012 2:00pm EST
. if apple had 15% share, it would be $15 billion. again you're back to the law of large numbers where that's off of a $200 billion base that contributes but it doesn't dramatically change the story. >> would the margins hold up in tv? that's the problem. >> depends on the deal they'd cut. >> this is why we bash best buy. it gets hard to make money in consumer electronics unless you're apple. >> they have to cut a deal with comcast, time warner cable, with charter. there has to be a deal cut. comcast obviously pays our check but i think that's important. i think bigger is the ipad. there's 2 billion install base pc, 80 million pcs sold a quarter. i think the pc is going away. >> the mini news has been quiet which makes me a little bit nervous. >> really? i think it is good for once we're not looking at hourly sales. we're looking at "the new york times" review which is fabulous. what affects this is the critics of "usa today," critics of the "new york times." when china deals with apple in a way that's reasonable for apple, apple is going to i think take over china. i respect samsung but ap
CNBC
Dec 2, 2012 6:00am EST
and that is irrespective on the tax laws on dividends. although, clearly, if you think there is potential they will change they should be doing it now. >> we should note that scott has a web extra on how to spot dividends. better log on to that. >>> time for the upside call where we take a look back on winning trades and give you the next move. a couple weeks back when apple shares were in free fall, mike khouw made a bullish trade. the call has been pure genius. >> on "options action" it is how we make genius trades. risk less to make more and that is what mike did with his bet on apple. mike was on the fence about going long the tech giant before his personal hero came on the show. >> i do think the action this morning was classic short term bottom. >> wow mike thought. if he's going in on apple, so am i? but there was a problem. buying 100 shares would set him back over $50,000. >> wow! >> so to avoid ponying up that kind of cash mike sold the december strike put and collected $21. to keep all of that money mike needs apple stock to stay above that price through december expiration. of course, there is
CNBC
Dec 4, 2012 6:00am EST
what my regulations and laws will be. >> i do think that's become actually more of a consensus type view which is that if we were to be able to find some resolution, get a little bit more certainty, there is some pent up demand on the hiring side, on the which is i in-business investment side. you may actually see growth at 3% say. >> businesses will invest. consumers still have the ability because housing has helped them with the tail wind and you're seeing it in the auto cycle, you saw the sales yesterday and you'll see it increasing because interest rates are low, gas prices have come down, but businesses have the pent up demand and they didn't want to spend it because they don't know what's going to happen. >> let's bring in some of the sound from brian moynihan. we talked about a lot of things including the looming fiscal cliff. talked about business concerns as you head into the end of the year and even what to expect in 2014. bank of america has 55 million customers here in america. they represent one out of every two households. so moynihan has a very good idea about what co
CNBC
Dec 7, 2012 6:00am EST
nonunion employees to pay fees. they have to agree on a single bill. the law would make the home of the u.s. auto industry the 24th right-to-work state banning mandatory unions. >>> a facebook post back on july 3rd leading to a wells notice for the ceo of netflix. the stock took a hit after hours. joining us on the "squawk" news line, the managing director of equity research at webbush securities. you have a very different analysis. you said it should have been an 8k and the information of a billion hours, that that was material? >> i think -- yes, on both of those. i think that reed is defining public the way noah webster defined public, and unfortunately webster doesn't run the s.e.c. the regulations are pretty clear and they specify the manner in which you can make public dissemination of material information and facebook just isn't one of those. >> so we're wrong, then, we have been under the impression that a ceo could come on cnbc and release nonpublic information and that would be okay because we're public. you think the only way to do it is an 8k? >> there's a specific rule for ne
CNBC
Dec 3, 2012 6:00pm EST
with this ridiculous cliff idea, there were legislators who believed that if these changes were to become law, it would be so obvious we would be thrown into recession, that it wouldn't happen that fact was supposed to create compromise, instead, neither side seems at all fearful for recession. it's amazing how bold they are or maybe how stupid they are and to the gop, obama's re-election clearly meant nothing at all. it's almost as if neither side realizes how many people are simply just playing for dinner here, trying to put dinner on the table. now i got to deal with this morass in washington. while i'm optimist thak if congress and the president canceled vacations, remember, no vacation without legislation and stayed to avert the cliff. i'm worried that they're sworn to not compromise. i'm worried that rising above is anathema to democrats and repugnant to the republicans as the phrase, grower, hide your ears, higher taxes. here's the bottom line. a new school which says the cliff jump won't be that bad has now entered the fray. i'm still hoping we don't go over the cliff. but i can't be sang win i
CNBC
Dec 4, 2012 3:00pm EST
's the shareholders' money through the company. tax law makes it very difficult to bring the money back in. they've already made the money selling their products and service around the world. so it's much cheaper with low interest rates the way they are to borrow the money and pay the dividends to the shareholders. the tax code actually just represents a very inefficient methodology of transferring the profits to the shareholders as well as influencing where companies are likely to be looking for future profits around the world. >> they've talked in washington periodically about a moratorium on allowing corporations to repatriate some of that money without a tax a consequence. that would help to some degree, wouldn't it? >> absolutely. that would be a very fabulous thing to do. the companies have already made the money, it's real money, it's profits they've made selling their products and services around the world, and it's going to sit there to be used to build profits with potential growth opportunities there versus here because of the tax code. they make it very unaffordable to bring it here,
CNBC
Dec 5, 2012 6:00am EST
you. so i felt more secure crossing the border into a country that had laws that were backed by the justice system. >> bizarre story. the whole thing with him. who was that last guy? the guy that had the dungeon built in his house? >> yeah, the guy in california, he was a software guy too. >> crazy. money goes to -- i don't know what happened to this guy. but his neighbors did. he had nothing to do with -- >> he had been blogging about -- >> bath salts or something? not to soak his feet in. >> no, bath salts were like a great experimental drug he'd been experimenting with. >> wait a second -- hopefully you don't turn into a cannibal. you draw the line right before you start eating someone. >> hopefully. >>> still to come, rising above the fiscal cliff, steny hoyer is going to be our guest. plus -- and steny, i was reading his stuff. he sounds -- he's rising above a little bit. he didn't sound quite as -- jobs in focus. private payroll data from adp. this was my choice too. kenny chesney. it's a jobs friday preview. >>> and mark zandi of moody's joins us. we'll explain why he'
CNBC
Dec 6, 2012 5:00pm EST
continues to defy all laws and people when they sit in front of their computers, smartphones, it's increasing. you sit there, shop, monetize mobile. that's the key, you want to be a buyer of that. i'd rather buy amazon than any of the other retail names. >> really? >> yes. before you fast fire me next week. >>> next on "fast," is the u.s. on the verge of a nat gas revolution? why the impact on prices may not be what you think. more "fast" straight ahead. or that printing in color had to cost a fortune. nobody said an all-in-one had to be bulky. or that you had to print from your desk. at least, nobody said it to us. introducing the business smart inkjet all-in-one series from brother. easy to use. it's the ultimate combination of speed, small size, and low-cost printing. when we got married. i had three kids. and she became the full time mother of three. it was soccer, and ballet, and cheerleading, and baseball. those years were crazy. so, as we go into this next phase, you know, a big part of it for us is that there isn't anything on the schedule. >>> welcome back to "fast money
CNBC
Dec 7, 2012 3:00pm EST
't the place to disclose material information. a professor at columbia law school believes hasting committed what he called a technical foot fault using his facebook page to trumpet netflix surpassing a monthly milestone of a million hours of viewing. it prompted the sec to ask if this was material information, information typically released through the sec to reach a broad audience. hastings maintains it wasn't material in any way disclosing it to his more than 200,000 facebook friends. but attorneys disagree. professor coffey noted facebook is mostly used by younger generations. also, hastings friends are his, not the companies. still, it's a fact more ceos are opting to use new, rather than traditional media to get the word out. so is experts say firms need rules in place on how to use social media and more important what to disclose on it. johnson also points occupant the sec needs to get on board an well and provide guidelines on how to use social media. >> all right, mary. thank you. let's talk to harvey pitt about this. he ran the sec from 2001 to 2003. does he think netflix broke the
CNBC
Dec 5, 2012 6:00pm EST
lynch purchase and the country wide buy. one gigantic law firm with a bank attached. that's how much their earnings have been dependent upon legal obligations. and that's what cuts them. bank of america led the dow today, broke out above $10. a level hasn't been seen in ages as the unsold homes dwindles, i think it probably goes higher. here's the bottom line, listen to me, go ahead, be gloomy, you have every right. be critical, and be angry at those who can't rise above the rhetoric in washington to avoid a recession. and don't even have the common decency to give us legislation before taking a vacation. you know what these people remind me of? they remind me of the star trek villain who showed the wrath on us by sticking proverbial ear wigs into our ears. but the ceos of the companies themselves, sorry, in true scotty fashion, they're giving her all they've got, and just like spock, they want you to live long and prosper. bob in florida, bob? >> caller: hey, big boo-yah to you, cramer. >> right back at ya. >> caller: first thing i want to do is thank you quick for all you do to dem
CNBC
Dec 7, 2012 1:00pm EST
the s.e.c. really have a case against him or do the laws need to change with regard to social media? >>> and could pot help us solve our fiscal problems? guys, we are calling this the fiscal splif and we will rise above it, mon. "street signs" it is australian for business news. >> thanks, brian. see you at 2:00 p.m. >>> steve case is one of america's greatest entrepreneurs, best known as co-founder of america online, along with dozens of other investments such as living social and zip car and really too many to name. these days mr. case, together with scott case, no relation can be head up start-up america partnership to fuel entrepreneurship outside of silicon valley. and case squared, if you will, joins us now at cowboy stadium in arlington, texas where they are hosting a start-up event. i want to get to start-up texas in just a few minutes but steve, if i could start with you, talk to us about the entrepreneurial environment right now in america. we hear two things. one, we hear that when the economy is not doing all that well, it's the best time ever to try and start something
CNBC
Dec 4, 2012 2:00pm EST
. >> is he right? joining us, edward, a law professor and the former chief of staff at congress's joint committee on taxation. edward, do you agree? will it hit? >> absolutely not. it will have some modest effect, but the fact is that interest rates jump up and down all the time. right now we have home mortgage interest rates at historic lows. i just refinanced at 3% plus. if interest rates go to 4.25%, nobody would describe that as a catastrophic hit to the home mortgage market. that might move the cost of housing one percentage point or so. >> i wonder whether -- and when you think about buying a home, a lot of it is psychological. do i feel i'm in a position to do this? if we limb nate or cut the mortgage deduction, it might be more psychological. >> you're exactly right. there's a big psychological impact for existing homeowners of having this deduction removed. for home buyers making a decision to buy a home, i agree with the other guest. people buy homes because they believe homes are undervalid or they want a wonderful place to raise a family. not because they're getting that ext
CNBC
Dec 6, 2012 9:00am EST
-brother in law. lock capital management. two of those had already closed. level global has closed, in fact one of us founders, andrew chasen is on trial right now. diamondback went down to about $2 billion, but as of this morning, that is no long ter case. the hedge fund saying that given redemption requests came in about 26% of total asset ors $520 million. it would be left with $1.45 billion apparently that's just not enough to run the successful hedge fund. they did have 140 or so people working for them. not sure how much they have trended that. as of now, their seven-year track record at this point. but they have spending redemptions as you might expect. rushing all of the assets to fund holders. often times in these cases, you'll see people run out and look at 13, and say oh, what are they going to be selling? but they have already sold a lot in anticipation. so don't look for any ability there to kind of drive them even further down, because oftentimes they will sell their biggest positions. nonetheless, another large fund, i will assume a lot of that money is the founder's money as wel
CNBC
Dec 5, 2012 9:00am EST
. as i said, there's been a coordinated crackdown around the world of anti-bribery law in the u.k. and a big run in russia. corruption is everywhere. >> why isn't the united states further up the ranking? >> part of the problem and united states is always ranked around this area below top 10%. what they say is a lot of it has to do with just corruption not being enough of a priority. they say that the financial crisis changed some of that and people are starting to pay attention and citing a poll that 80% of americans believe that the financial crisis was the result of some public corruption. so it's more in the consciousness there and that affects the perception. it still has a long way to go. >> fascinating. thanks very much. >>> still ahead this morning, we've seen a wide range of companies unloading special dividends this quarter. have the nonissuing companies now made the wrong move. we'll take a deeper dive into that and talk about names that have yet to declare one and what it means for them ahead of the fiscal cliff. try running four.ning a restaurant is hard, fortunatel
CNBC
Dec 3, 2012 6:00am EST
something or do you think it's a bad law all the way through? >> honestly, steve, i think the answer is we're all going to find out a year from now. we're offering health care to our full time folks today. how this is going to affect business, how it's going to flow through, we're not going to know for a while now. first because uls you have to come, but secondly, i think there are a lot of things in effect that we're going do see in the marketplace for health care that nobody really fully understands yet. just an awful lot of changes coming through at once. so we'll see over time. >> all right. so salads just aren't happening for you, really, are they? >> you know, the lettuce and salads, people ask for them but, you know, it's interesting. at the end of the day, they like pizza. >> yeah, they do. >> that brooklyn style crust is outstanding. and that midweek carryout special, our kids love that. >> we're glad you came on today. we're all -- yeah. i can't think of anything bad to say. patrick, that you can. we appreciate it. >> thanks joe. >> you're in ann arbor. thanks. >>> let's take a l
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